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Bemis, UPM-Kymmene Terminate Purchase and Sale Agreement
August 4, 2003
Bemis Company Inc. and UPM-Kymmene agreed to terminate their agreement to sell Bemis' Pressure Sensitive Materials Business to UPM-Kymmene. The companies entered into a purchase and sale agreement on August 21, 2002. On April 15, 2003, the U.S. Department of Justice filed a complaint seeking an injunction to block the transaction. In an opinion released in the U.S. District Court for the Northern District of Illinois, the Department of Justice was granted an injunction to block the transaction. The companies do not plan to appeal the court decision. "We are obviously disappointed that the transaction could not be completed," said Jeff Curler, president and CEO of Bemis. "With this issue now behind us, we will continue to manage our pressure sensitive materials business to improve profitability, strengthen our manufacturing efficiencies, and reestablish a commitment to our customers."